The impact of the demographic transition on capital formation

Article Abstract:

The aging of the population of the USA has a number of economic implications, and will affect aspects including national saving rates. Capital formation will be affected by demographic changes as a result of differences in household habits over the life cycle, and it is likely that the saving rate will fall, as a smaller part of the population will be savers and a larger part dissavers. Demographic developments could also influence national saving through new government policies, with the government having to spend more on services for the elderly. It is hard to analyse the effects of demographic restructuring accurately, as this requires the use of models of behaviour for which there is only restricted historical validation.

Demographic aspects

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Generational accounting: a new approach to understanding the effects of fiscal policy on saving

Article Abstract:

Generational accounting represents a viable alternative to deficit accounting when analysing the government's handling of existing and future generations. It can define the redistributive and savings implications of four alternative policies, and uses the government's intertemporal budget restriction. A study looks in particular at the use of generational accounting in analysing fiscal policy, especially the effect of fiscal policy on saving, and indicates that the fiscal deficit cannot be taken as an accurate measure of generational policy or the policy-related boost to aggregate demand. The further developments of generational accounting which are required are also discussed.

Research, Fiscal policy

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Understanding the postwar decline in U.S. saving: a cohort analysis

Article Abstract:

A study on the decline in savings rates in the US presented during the Brookings Panel on Economic Activity held from Mar. 28 to 29, 1996 is discussed. It is shown that the decline resulted from the government's redistribution of resources from young people with low consumption propensities to the older generation with high consumption propensities, and the increased consumption propensities of older Americans.

Analysis, United States economic conditions

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